The Canadian Dollar to US Dollar exchange rate was in the region of 0.9977 as of 2:15 pm
Oh Canada. Things just seem to be going from bad to worse for the commodity driven (and Poutine* loving) nation.
Yesterday TD Economics released a worrying report which stated that the rise in Canadian youth unemployment triggered by the recent recession will have cost the nation’s economy a hefty 23.1 billion Dollars by 2030.
Before the onset of the financial crisis, back in 2008, the unemployment rate for Canadians between the ages of 15-24 held at 11 percent. By mid 2009 this had jumped to 16.4 per cent. Although it has since eased back to 14.1 per cent the level seems unlikely to drop much further in the foreseeable future.
Now, after an economic confidence report for the Eurozone showed greater improvement than expected the Canadian currency has fallen against many of its main rivals.
Signs that the 17-nation European currency bloc is creeping out of recession, and anticipation surrounding this evening’s US Federal Reserve policy announcement, pushed the ‘Loonie’ 0.5 per cent lower against the Euro and caused it to shed recent modest gains against the US Dollar.
News that the US economy unexpectedly contracted in the fourth quarter of 2012 could cause the Canadian Dollar to decline further against its American counterpart in the hours ahead, but investors should also be focusing on the Canadian GDP data due out tomorrow.
*Poutine: Popular Canadian dish comprised of fries (or chips) gravy and curd cheese.
Current Canadian Dollar Exchange Rates
The Canadian Dollar to Euro exchange rate is currently trading at 0.7365
The Canadian Dollar to Pound Sterling exchange rate is currently trading at 0.6323
The Canadian Dollar to US Dollar exchange rate is currently trading at 0.9977
The Canadian Dollar to Australian Dollar exchange rate is currently trading at 0.9567
The Canadian Dollar to New Zealand Dollar exchange rate is currently trading at 1.1855
The Canadian Dollar to Emirati Dirham exchange rate is currently trading at 3.6463
The Canadian Dollar to Swiss Franc is currently trading at 0.9127
The Canadian Dollar to Japanese Yen exchange rate is currently trading at 90.9408